1. Technical Field
Disclosed embodiments relate generally, by way of example and not limitation, to methods and systems that enable a financial services business entity to provide a service to individuals for transferring their financial accounts and financial obligations associated therewith in an automated manner from a financial institution they are currently utilizing to the financial services business entity.
2. History of Related Art
Individuals often utilize the services of multiple financial institutions for maintaining their finances. The services may be, for example, a checking account, a savings account, a retirements savings account, and the like. An individual may utilize the services of multiple financial institutions for several reasons such as, for example, convenience of location of the financial institutions, customer service provided by the financial institutions, rewards provided by the financial institutions, and the like. When the individual decides to switch any one of their accounts from a financial institution they are currently utilizing to another financial institution, the process involved with such a transfer is often complicated.
An account transfer from one financial institution to another financial institution often requires the individual to physically submit signed documentation that may be, for example, in paper form to the financial institution the individual is currently utilizing. More complications often exist if the individual utilizes the services of the financial institution to pay a plurality of bills electronically. In such an instance, an account transfer typically requires the individual to manually enter electronic bill payment information with the new financial institution. The electronic bill payment information may include, for example, payee name, date of payment, amount of payment, payee account number, and the like. The requirements of physically submitting signed documents and manually entering the electronic bill payment information with the new financial institution are time-consuming and inconvenient.